Last checked at 18 May 2010 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
18 May 2010
Plexus Holdings PLC ('Plexus' or 'the Company')
£700,000 Contract win with Senergy Limited for 15,000 psi HP/HT POS-GRIP wellhead equipment
Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has reached agreement with Senergy Limited ('Senergy'), a leading worldwide energy operator, to supply its proprietary POS-GRIP wellhead technology and mudline suspension systems for exploration activities in the North Sea. The contract is worth approximately £700,000, which is subject to completion of relevant terms, with revenues expected to commence 31 July 2010.
Senergy which is managing exploration activities for Valiant Petroleum plc, an AIM listed oil and gas company focussed in the North Sea, will drill an exploration well using Plexus' 15,000 psi High Pressure/ High Temperature ('HP/HT') POS-GRIP wellhead, which is known for its increased safety and technical benefits including higher pressure performance.
Plexus CEO Ben van Bilderbeek said, "This contract win marks a new working relationship between Plexus and Senergy for HP/HT wellhead applications. Over the years, Plexus has built a strong presence in the North Sea oil and gas market with an increasing number of leading international oil and gas companies and turnkey operators using our HP/HT wellhead systems. We are now in the position where we are one of the leading suppliers for wellhead equipment for HP/HT exploration drilling activities within this market, a trend we believe will continue as we pursue our strategy of becoming the wellhead supplier of choice."
**ENDS**
For further information please visit www.posgrip.com or contact:
| Ben van Bilderbeek | Plexus Holdings PLC | Tel: 020 7589 8555 |
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 6890 |
| Jon Fitzpatrick | Cenkos Securities plc | +44 (0)20 7397 8900 |
| Ken Fleming | Cenkos Securities plc | +44 (0)131 220 6939 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes to Editors:
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering and services business which supplies wellhead and mudline suspension equipment for exploration and production applications based in Aberdeen, with an office in London, Cairo, Kuala Lumpur and a presence in Houston, Texas. It has developed and patented a method of engineering for oil and gas field wellheads and connectors, POS-GRIP, which involves deforming one tubular member against another to effect gripping and sealing.
POS-GRIP wellhead systems have to date been used or selected to be used in over 140 oil and gas wells by international companies including BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in HP/HT (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.